Coinexchange Exchange Review

Coinexchange is one of the many cryptocurrency exchanges that have been established since the spike in the cryptocurrency scene. One of its prominent features, however, is that not much information is available about the location of the exchange. We do not know where or when it was established and have no information about its headquarters’ whereabouts. The exchange claims that their mission is to “become a pillar in the online cryptocurrency market place”, and this is the only proper information that users are given about the exchange on their “About Us” page.

CoinExchange is a purely crypto-to-crypto trading platform, meaning new cryptocurrency investors might have some problems when starting out on this platform as it would be impractical for them. It can be said that it’s not necessarily friendly towards new investors. Users can deposit existing cryptocurrencies into their account for no fee, which is most definitely an advantage. The exchange offers a very impressive range of hundreds of different cryptocurrencies. It also features ICO projects, which makes it more than just a trading platform.

CoinExchange is known for its relatively low trading fees. It charges a flat trading fee of 0.15%, which is advantageous when considering the fact that the global industry average is 0.25%. However, it should also be kept in mind that most competitive exchange platforms charge fees between 0.10%-0.20% these days. CoinExchange’s trading fees put the platform up there with the competitive exchanges. Their withdrawal fees, on the other hand, have been reported to be quite high. Respective withdrawal fees for each token is displayed on their website.

One of the exchange’s rare features is its verification process. Once users register with an account, they can start trading without waiting for ID verification. The exchange does not require account verification, hence users can start trading quickly and anonymously.

One important detail to note is that though most platforms talk about the exchange as coinexchange.io, the platform changed its domain name to coinexchange2.com in early 2018. They explained that this was due to their domain name being blacklisted.

For enhanced security, the platform makes use of a two-factor authentication system, which is commonly used in many other cryptocurrency exchanges for more protection. A code will be sent to users’ mobile phones once they make a request to withdraw funds from their account, which in turn prevents a third-party from withdrawing funds from a user’s wallet. However, when combined with the fact that there’s practically no information about the exchange and the team behind it, as well as the negative comments made by users on online platforms, the exchange does not necessarily strike the eye as completely trustworthy. Users should be careful when trading on this exchange platform.